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Section 177h - Managing General Agent; Licensure and Errors and Omissions Coverage Required

MA Gen L ch 175 § 177h (2019) (N/A)
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Section 177H. (A) No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in the commonwealth for an insurer licensed in the commonwealth unless such person:

(i) is a licensed producer in the commonwealth; and (ii) maintains errors and omissions coverage.

(B) No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in the commonwealth with respect to risks located outside the commonwealth unless such person:

(i) is a licensed producer in the commonwealth, whether resident or non-resident; and (ii) maintains errors and omissions coverage.

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